KUALA LUMPUR (Oct 2): Zetrix AI Bhd's (KL:ZETRIX) shares fell to a 13-year low of 10 sen in intraday trade on Friday following reports that the company owes the government more than RM200 million it had collected on behalf of the Road Transport Department (popularly known as JPJ).
The counter opened at 16.5 sen and fell as much as 6.5 sen or 35% before paring back losses to close at 11.5 sen, valuing the group at RM908.24 million. Zetrix AI was the most active stock on Bursa Malaysia, with more than 1.06 billion shares changing hands. It last saw this price level in June 2013.
After market close, JPJ announced it would suspend the services of MyEG Sdn Bhd and Zetrix AI as collection agents for road tax and driving licence renewal fees, and traffic summonses. The suspension takes effect next Monday at 12.01am.
At time of writing, Zetrix AI has not commented on the matter.
Zetrix AI's shares first plunged on Aug 28, when the stock shed 50% of its value from the previous day's close to 29.5 sen amid heavy trading. It has been the most active stock on the market for the past two weeks. According to Bloomberg data, its market capitalisation has dropped more than 80% since the sell-off.
The stock's highest price this year was 89.5 sen on April 21.
The latest steep decline comes as The Straits Times reported on Friday that Zetrix AI owes JPJ more than RM200 million since the start of the firm's three-year contract in May 2023 to process the online transactions for the government agency.
The company was founded as MyEG Services Bhd in 2000, and was a pioneer provider of online government services through its link-up with JPJ.
The sustained selldown pressure on Zetrix AI's shares has resulted in managing director Wong Thean Soon, better known as TS Wong, seeing his stake shrink from over 30% at the end of August to just 10.6% as of Thursday.
The group also announced on Monday the resignation of its external auditor, TGS TW PLT, citing portfolio rationalisation and resource management. Zetrix AI noted that it will announce a new auditor in due course.
According to its latest annual report, Zetrix AI books other payables totalling RM95.5 million, which includes trade payables, deposits received, and accruals. Loans and borrowings account for the bulk of its obligations, with current liabilities totalling RM577.4 million and non-current liabilities amounting to RM1.25 billion.
For the three months ended June 30, 2026 (2QFY2026), the group booked a net profit of RM269.3 million, bringing first-half earnings to RM540.58 million.